I don't often post BTCUSD outlooks, I usually keep them to myself but I figured I would shake things up this week.
This is my 3 month outlook on BTCUSD.
Green is what I deem as the most likely, purple is the alternative.
Green is the most likely to me just because of the broader market outlook and BTCUSD's strong relationship to NDX and SPX over the past 75 days:
Up it will go, I don't think any selling will be anymore meaningful than just simple pullback.
But I do think we see further downside in the meantime.
However, short term I would look for a bounce here as there are some bullish reversal signs on the shorter timeframe (shorter by Crypto standards, so like 4 hour timeframe).
Again, bias is bullish but I do think BTC gets pulled by the larger market and forced into the pulback.
BTC is a difficult cookie to run probability assessments on because it trades 24/7 and doesn't switch over to a new trading week till Sunday night. As well, we have already snagged the monthly lows and are pretty close to snagging the first low target on the projected 3 month lows (in the chart above). So I have no probability insight to share at this point.
My thoughts.
Safe trades!
This is my 3 month outlook on BTCUSD.
Green is what I deem as the most likely, purple is the alternative.
Green is the most likely to me just because of the broader market outlook and BTCUSD's strong relationship to NDX and SPX over the past 75 days:
Up it will go, I don't think any selling will be anymore meaningful than just simple pullback.
But I do think we see further downside in the meantime.
However, short term I would look for a bounce here as there are some bullish reversal signs on the shorter timeframe (shorter by Crypto standards, so like 4 hour timeframe).
Again, bias is bullish but I do think BTC gets pulled by the larger market and forced into the pulback.
BTC is a difficult cookie to run probability assessments on because it trades 24/7 and doesn't switch over to a new trading week till Sunday night. As well, we have already snagged the monthly lows and are pretty close to snagging the first low target on the projected 3 month lows (in the chart above). So I have no probability insight to share at this point.
My thoughts.
Safe trades!
Comment:
Voila, close enough.
If BTC holds 57328 we are heading back up to the 60s.
Voila, close enough.
If BTC holds 57328 we are heading back up to the 60s.
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First target taken out!
Let's see what happens next